BE vs WM: Correlation
How closely do Bloom Energy Corporation (BE) and Waste Management (WM) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BE and WM?
Across a 3-year window, the weekly returns of BE and WM correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.24). Stretching to 5 years gives -0.08, with an annualized covariance of -410.2 %².
Out of 12 assets tracked against BE, WM lands near the bottom at #8. The last year tells two different stories: BE led by 330.4 percentage points, +328.4% for BE against -2.0% for WM. One caveat on sizing: BE is 5.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BE vs WM: side by side
| BE (Bloom Energy Corporation) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +328.4% | -2.0% |
| 5-year return | +914.6% | +51.8% |
| Volatility (ann.) | 94.3% | 18.3% |
| Beta vs S&P 500 | 2.56 | 0.07 |
| Max drawdown (3Y) | -52.7% | -18.1% |
| Market cap | $64.2B | $87.0B |
| P/E (trailing) | 286.6 | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | BE | WM |
|---|---|---|
| 2022 | -12.8% | -4.5% |
| 2023 | -22.6% | +16.2% |
| 2024 | +50.1% | +14.3% |
| 2025 | +291.2% | +10.5% |
| 2026 | +150.7% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BE and WM good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BE and WM?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.36 over the last year and -0.08 over 5 years.
Is WM a good diversifier for BE?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/be-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/be-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BE correlations · WM correlations
